Leading industrial gas provider
Air Products & Chemicals Inc.
) declared that it will globally raise prices of fluorinated
gases and other process materials supplied by its Electronics
business. The price hike will be effective Jan 1, 2014, or as per
The price increase is attributable to higher costs of raw
materials such as anhydrous hydrofluoric acid, power and
distribution. Air Products expects to recover these costs through
Air Products released its fourth-quarter fiscal 2013 (ended
Sep 30, 2013) results in Oct 2013. The company posted adjusted
earnings from continued operations of $1.47 a share, up 3.5% from
the year-ago earnings of $1.42. The results were at par with the
Zacks Consensus Estimate.
The adjusted earnings excluded after-tax charges of $164
million (or 77 cents per share) mainly associated with cost
reduction and asset and product rationalization actions in the
company's Electronics and Merchant Gases businesses, as well as
charges for streamlining corporate functions.
Consolidated net income, in the quarter, dipped 1.2% year over
year to $137.1 million (or 64 cents a share) from $138.7 million
(or 65 cents).
Revenues dropped 0.7% year over year to $2,586.5 million,
missing the Zacks Consensus Estimate of $2,681 million. The
decline was due to lower base volumes and a negative impact
resulting from the exit decision of the Polyurethane
Intermediates (PUI) business. These were partly compensated by
higher energy pass-through and favorable currency
Air Products currently carries a Zacks Rank #3 (Hold).
Other companies in the chemical industry worth considering
Johnson Matthey plc.
). While Asahi Kasei and Johnson Matthey carry a Zacks Rank #1
(Strong Buy), BASF holds a Zacks Rank #2 (Buy).
ASAHI KASEI CP (AHKSY): Get Free Report
AIR PRODS & CHE (APD): Free Stock Analysis
BASF SE (BASFY): Get Free Report
JOHNSON MATTHEY (JMPLY): Get Free Report
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